Quick Service Restaurants Market: Future Growth & Opportunities 2020-2027
Quick Service Restaurants (QSR) Market Forecast
The global quick-service restaurants (QSR) market size is projected to be valued at USD 577.71 billion by 2028 at a CAGR of three .65% between 2021 and 2028. QSRs generally operate using the franchise model as this enables the chains to expand rapidly over large areas with the value of fixing each restaurant shared between franchisee and franchisor. However, not all QSRs are franchised and few of them operate under more traditional business models.
For instance, Uncle Sams Hamburger Express may be a UK-based chain of burger restaurants with several locations across the south coast of the United Kingdom which isn’t franchised. Others renowned global chains including Nando’s Group also operate as company-owned restaurants instead of a franchise model. Also, some QSR chains operate both with several franchised QSRs and a few franchisor-owned QSRs.
The traditional view of QSRs serving greasy and unhealthy food such as fried chicken and burgers is changing. Also, over the last few years, there have been a growing number of QSRs offering less traditional types of cuisines. For example, Mucho Burrito and Barburrito offering authentic Mexican cuisine or Wok&Go offer Chinese stir-fry cooked live in front of consumers in a classic Chinese wok. In continuation to that, most of the QSR chains have adapted to a market that is more conscious about maintaining a healthy lifestyle. For instance, companies such as Subway and McDonalds are offering healthier options including salads and Deli wraps alongside the traditional burger and fries intending to adapt to a more health-conscious target quick-service restaurants (QSR) market.
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Key Players of quick-service restaurants (QSR) Market
- Subway IP LLC (US)
- McDonald’s Corporation (US)
- Restaurant Brands International Inc. (Canada)
- Yum! Brands, Inc. (US)
- The Wendy’s Company (US)
- Domino’s Pizza, Inc. (US)
- Papa John’s International, Inc. (US)
- Wallace, Fujian Food Co., Ltd. (CNHLS) (China)
- Inspire Brands, Inc. (US)
- The Coca-Cola Company (Costa Coffee) (US)
By Region
North America: North America dominated the global QSRsmarket in 2020. The strong real estate industry, presence of popular QSR chains, and hectic schedules have impacted the lifestyle of Americans. The growing travel and tourism industry; an increasing number of emigrants; the presence of diverse food cultures; and wide availability of a range of cuisines have led to the growing demand for QSRs in the region.
- Europe:
- Asia-Pacific: Asia-Pacific is a new revenue pocket for the QSRsmarket. The growing population in China and India has created an opportunistic market for the existing players. Increasing exposure to international cuisine and culture and the willingness to experiment with food items have further fuelled the regional market growth. Additionally, attractive seasonal offers and happy hour discounts offered by QSRs are further aiding the growth in Asia-Pacific.
- Rest of the World
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